monthly statements – these can be produced quickly and easily by any computerized sales ledger system and sent to customers. Exactly how much impact they have is however debatable chasing letters – these should be directed to a specific person preferably at a reasonably senior level. However, preparing and sending these letters has a cost and, like the monthly statements, their impact is often limited chasing phone calls – these can often have a great impact as all businesses have to answer the telephone and, hence, they have a nuisance value which can generate results. A credit controller who regularly contacts a suitably senior person at their customers with overdue amounts and politely, but firmly, demands payment can often achieve good results personal approach – a personal approach from a senior person in the company to a senior person at the customer can often yield results. This is quite common in trades where the personal relationship with clients is important. For instance...
a bank reference – while a bank reference can be fairly easily obtained, it must be remembered that the other company is the bank’s customer and so a bank reference will stick to the facts. It is most unlikely to raise any fears the bank may have about the company a trade reference – this is obtained from another company who has dealings with your potential customer/customer. Due to the litigious nature of society these days, it may not be so easy to obtain a written reference. However, you may be able to call contacts you have in the trade and obtain an informal oral reference credit rating/reference agency – these agencies’ professional business is to sell information about companies and individuals. Hence, they will be keen to give you the best possible information, so you are more likely to return and use their services again financial statements – financial statements of a company are publicly available information and can be quickly and easily obtained. While an analysis of t...